BNCCORP, Inc. (BNCC)

[56Chevy]

Treasury Department Announces $45.1 Million in Proceeds from Pricing of Auctions of Preferred Stock of Four Financial Institutions

3/7/2014

Auctions Part of Treasury’s Continued Efforts to Wind Down TARP’s Bank Programs

**Proceeds Deliver Additional Profit for Taxpayers on TARP’s Bank Programs

WASHINGTON – As part of the strategy it outlined for winding down its remaining Troubled Asset Relief Program (TARP) bank investments, the U.S. Department of the Treasury announced that it priced auctions of preferred stock (the “CPP Securities”) in the following four institutions at the following prices:

Issuer and Security

BNCCORP, Inc., Bismarck, ND

Fixed Rate Cumulative Perpetual Preferred Stock, Series A
Price per share: $1,001.08
Number of shares: 20,093
Aggregate Gross Proceeds: $20,114,700.44

Fixed Rate Cumulative Perpetual Preferred Stock, Series B
Price per share: $1,001.25
Number of shares: 1,005
Aggregate Gross Proceeds: $1,006,256.25

Total Borrowed(on Jan. 16, 2009): $20,093,000.00

Total Returned to the Treasury 2014: $21,120,956.69

http://www.treasury.gov/press-center/press-releases/Pages/jl2315.aspx

It's interesting to note that BNCC's TARP auction resulted in a full payment back to the Treasury. A high number of these auctions of late resulted in significant discounts to the amount owed. I suspect BNCC was deemed too healthy to qualify for any discount.

*We now know when ...and we now know how much... but we don't know "who".

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Well whadayaknow...Uncle Sam made a buck...and it was off those much maligned evil bankers!

**TARP’s bank programs have already earned a significant profit for taxpayers. Including the expected proceeds from the transactions announced today, Treasury has now recovered more than $273 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially invested.